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How business can stop global financial crime in its tracks

07/25/2015

Illicit financial flows and beneficial ownership transparency may not be the most exciting terms on paper, but addressing these issues can be a game-changer, according to Tom Golding and Christine O’Connell in the latest post from The B Team and The Guardian.

Put a more exciting way, money laundering, shell companies, and tax evasion are the tools criminals use to steal billions of dollars from developing countries, hide highly lucrative illegal activity, and create a huge amount of business risk while costing society billions of dollars.

Now, business and government are working to stop the tools and tricks criminals use for illegal financial activity. As part of the B20 Anti-Corruption Task Force they are working to find solutions alongside government bodies such as the G20 to ensure business is no longer a vehicle for corruption, and that business minimizes risk by knowing exactly with whom and how they are doing business.